‘Brien – Standard & Poor’s confirms Victoria’s AAA stable rating

· Standard & Poor’s confirms Victoria’s AAA credit rating with a stable
outlook
· Victoria is the only state with AAA credit rating with a stable
outlook
· Victorian Coalition Government building a stronger economy to deliver
more schools, hospitals, roads and public transport for Victorians

Treasurer Michael O’Brien said Standard & Poor’s assessment reaffirms that the Coalition Government has made the right financial decisions to repair the state’s finances from the structural deficit left by Labor.

‘The Victorian government’s budgetary performance is benefiting from several years of strong fiscal discipline, as evidenced by more rapid revenue growth than expenditures between 2014 and 2017.’

‘In our view, Victoria has demonstrated its own financial strength through its prudent approach to debt and liquidity management, as well as the development of medium and long-term fiscal and economic strategies’.

Mr O’Brien said the rating is a result of the Coalition Government’s successful strategy to bring the budget back into strong and sustainable surplus after years of wasteful Labor expenditure.

The rating is also supported by the Coalition Government’s strategy to fund major infrastructure projects through surpluses from 2015-16 and to raise additional revenue through the long-term lease of the Port of Melbourne and the sale of Rural Finance Corporation.

“The Napthine Government is building a stronger economy so we can invest in critical infrastructure for Victorian families such as upgrades to local roads, new schools in our growth areas and new hospitals in regional Victoria.

“This ratings report highlights the danger that a return to reckless Labor spending poses to Victoria’s economy. Labor has opposed every one of our responsible financial decisions to repair the financial mess that Labor left us with.